Thanks Ken the VDO about the photgraphic memory truly is Amazing, i have never heard of this guy - lukas ritzel
Results of my Entrepreneurial Characteristic Tests
What do i think of the results of this test?
Overall, i would agree that the results of the test are fairly accurate. However i feel that there can be more explanation with regards to the result so we can understand in more detail how this 5 sections affect or influence the entrepreneur.
Below is my personal review of the results i've got from the Palgrave online test.
Section 1
I am a person that is forward looking but also believes that many lessons can be learned from the past. History has always been a topic of interest. I like to learn how things have evolved to the current situation. This may be viewed by others as a tendency to dwell on the past but i believe in giving time for reflection and thinking. Thus, in the context of entrepreneurship, i believe that I'm more of a thinker, observer and manager rather than the dynamic and tireless person that continuously pushes the idea or concept forward!
Section 2
In a group, I am not the person that would suggest, lets go skydiving! Rather, I'm a person that would support the idea if i could see that everyone was interested. Entrepreneurship is not about working alone. It is about the ability to assemble a team of people with various talents and working towards a common goal. Thus, i believe that the individuals should align their goals to the team goal. Working in a team is like playing Soccer. Although strikers are often the most celebrated players in the team, not all 11 players can be strikers. We need goalkeepers, defenders and midfielders so that the striker can concentrate on his job.
Section 3
Creativity is one of the important traits for an entrepreneur. However, letting creativity run wild may not be beneficial in terms of business. Innovation, the application of creativity would be more relevant as it focuses on solving problems and value adding. As the website of 3M says - Innovative Technology for a Changing World. Creativity is only one part of the jigsaw but is one the most important pieces in the entire picture.
Section 4
In my view, risk taking is all about assessing the situation and making decisions. I am a person that takes risk but it is often after considering the various factors and players involved in the situation. Somethings we may have to act on incomplete information but there will never be perfect information in complex situations. Like in the show "Band of Brothers" the officer was in a dilemma about what to do in the heat of war. His fear to make decisions left the platoon heavily wounded. The reflection was that even if he made a wrong decision that may lead to casualties in his platoon, it was better than hesitating and becoming stationary targets.
Section 5
I'm not too certain as to why it is classified under the header "drive and determination". Although i agree that luck plays a part in the success of people. Sometimes its all about being the right person, in the right place, and at the right time. These are the luck components. However, having the right knowledge, right skills and right attitude is something that is within the control of the individual.
Additional Talents that would make a successful entrepreneur of limit an aspiring entrepreneur!
Being charismatic would definitely be an advantage for an entrepreneur. The ability to convince people and get them to believe in his vision and ideas is one of the hardest things to achieve! Photographic memory is also a good skill to have especially if you could remember people, images, concepts and ideas with one glance.
It is hard to think of a talent that would limit an entrepreneur. But i would say the ability to micro manage would work against me as an entrepreneur. An entrepreneur and manager can be the same person but their jobs often have clashing responsibilities. Entrepreneurs are often the creative ones but if they simultaneously have to take care of the minor details of the company, it would inhibit their ability to dream of new ideas and innovation.
Websites for Entrepreneurs!
In my view, entrepreneurs are not only creative people but also people that make things happen. CoolBusinessIdeas is a really interesting website that features innovative business ideas that make us ask ourselves, why didn't I think of that.
Another interesting website that promises your daily fix of entrepreneurial ideas to keep you going! Springwise announces to the world interesting ideas that materialize everyday! Although the ideas may no longer be unique, it is still a good website to get your creative mind thinking.
I personally found Trendwatching to be a really useful website that helped me in my research of a new business idea. By understanding the trends around the world and providing insights into future developments, it gave me the opportunity to innovate something that would appeal to the consumers.
Entrepreneur Picture Search
"One small step for a man, One giant leap for mankind" - Neil A. Armstrong, the first person to ever set foot on the Moon.
I have chosen this picture for its symbolic meaning - venturing into the unknown. One can imagine the apprehension of mankind when President Kennedy announced his decision to land a man on the moon and bring him back safely. However, when Armstrong took his first step on the moon, mankind celebrated his achievement together with him. As an entrepreneur, expect to be greeted with the disbelief of many but look forward to the final goal and persevere.
My Entrepreneurial Picture
Doha Airport - Sunrise or Sunset
This picture was taken when i was in transit at Doha Airport. Sunrise or Sunset, it is all about perspectives.
Like the Chinese characters 危机 meaning crisis, it also symbolizes danger and opportunity.
As an entrepreneur, we spot possibilities when others sense threat. It is all about changing your perspectives and being open minded to the possibilities the world presents.
Eidos - The Future of Memory
For updates on my business ideas, visit my official blog at Eidos Memory
This amazing video about photographic memory featuring Stephen Wiltshire from the UK.
Related Trends
NOWISM | “Consumers’ ingrained* lust for instant gratification is being satisfied by a host of novel, important (offline and online) real-time products, services and experiences. Consumers are also feverishly contributing to the real-time content avalanche that’s building as we speak. As a result, expect your brand and company to have no choice but to finally mirror and join the ‘now’, in all its splendid chaos, realness and excitement.” - trendwatching.com
I have chosen the trend of NOWISM as it is something that really describes what i see as a mega trend of the future. I would say that my business idea is related to this mega trend as the concept of photographic memory highlights the human desire for instant gratification, the need for information and knowledge as and when you desire. In this information flooded era, it also helps you organize information, memories, photos that would be relevant and important to you, the consumer.
Next Practice, Not Best Practice
Next practice is the fundamental transformation of the core business activity. Instead of finding ways to make operations or activities more efficient, next practice looks outside the industry itself for new ideas and solutions. Best practice often uses "Benchmarking" as a method to seek improvement. By aiming for this targets, companies are all competing on the same best practices. This makes its hard to find a differentiating competitive advantage. By the time they have perfected their craft, the business environment may have changed making their developments irrelevant.
The concept of next practice may not be entirely relevant to my product. The product is a combination of different technologies that aim to provide people with photographic memory. However, next practice can be implemented in the other departments like HR, Marketing and Operations. This can provide the company with a competitive advantage.
Naked Pizza Case
Naked Pizza is a "fast food" restaurant that innovates and differentiates from the competition by making their product "Pizza" unlike the rest. Emphasizing the fact that they use healthier ingredients for pizza, they are working towards creating a healthier community. Unlike the normal fast food companies that focus on making their operations more efficient, Naked Pizza competes on a completely different concept by focusing on healthy fast food!
Additional Competencies from the Prasena Dictionary
1) Economic Research
2) Finance Management
3) System Design
4) Analytical Skills
5) Global Mindedness
6) Performance Orientation
Blue Ocean Strategies
Netjets
Netjets looks into the most profitable group of travelers - corporate travelers and pioneer a blue ocean industry in which it could excel. Companies often choose among 2 options when flying their executives, commercial and private.
Companies choose commercial flights as it provides them the flexibility to book tickets only when required. The comfort of business and first class is provided so that the companies could ensure that executives would be energetic enough to attend meetings or discuss important contracts. Commercial flights however come with the hassle of numerous transits when flying long distances or to remote locations.
Purchasing private jets provide companies with complete control over the use of the jet, providing personal and customized services to their executives. Yet, the high fixed cost involved with purchasing the private jets, followed by the high maintenance cost meant that it unless they fully utilized the jet, it would not be cost effective.
Netjets provided companies with what they wanted (cost effective and flexibility) and eliminated the other factors. By sharing the ownership of the aircraft amongst a few companies, Netjets need not worry about filling the economy class but focus on dealing with the specific companies.
Bodyshop
Bodyshop was able to create a blue ocean by eliminating the need for models, celebrity endorsements, and elaborate packaging. This eliminated the high cost involved while Bodyshop simultaneously advocated the idea of simplicity which was opposite to what the industry had thrived on. By looking at what consumers were essentially looking for - beauty products - while eliminating all the extra cost involved meant it had created a blue ocean where there were few competitors.
Starbucks
Starbucks transformed the coffee industry by looking at coffee consumption as a experience to the consumer rather than just a common beverage which was just a morning or afternoon drink to keep awake. By importing quality roasted beans and giving their coffee fancy names they were able to swim in a blue ocean. Barista's were also known to chat with customers while preparing their customized drinks. They also focused on the ambiance, creating a home away from home where people could connect, chat and discuss business over a cup of coffee. Despite charging a premium, customers were willing to pay while competitors that sold processed and instant coffee were left struggling with sales.
Ebay
Ebay used the internet as a platform where people could buy and sell online. It blurred the line between business and consumers by empowering consumers to trade with consumers. Although consumer have always traded with one another, it has never been on such a scale. With the internet, Ebay had the platform to reach out to more consumers than physically possible as even the largest malls had space and capacity constraints. By engaging in businesses, trading, sales and auctions online, they created a blue ocean where time and space no longer mattered. Furthermore, as the reach of the internet grew, it mean that more products and services were being traded online increasing the appeal of its platform.
Nintendo Wii
Nintendo Wii was the first gaming console that moved away from the idea that all gaming control was done through a controller. Instead it integrated motion detectors into its controllers allowing the gaming console to create the gaming experience that involved actions simulating the actual movements in the games. This allowed Nintendo to pioneer a brand new array of games that involved physical action and simulation where even sports like tennis and boxing games were a whole new experience for gamers. This created a blue ocean for the Wii where competitors like Xbox 360 and Sony PS3 could not directly imitate.
Ikea
Ikea created a blue ocean by providing furniture that not only appealed to customers but also because of the way it allowed cost savings for the consumer and company. The furniture it produces and sells are not only designed in house by the various interior designers and interior design academy it funds, it focuses on making furniture flat pack meaning that storage is more efficient. They also work with numerous partners to seeks out the lowest prices for its materials. The assembly of the furniture is also taken into consideration during the design process making it possible for consumers to assemble their own furniture lowering the cost associated with assembly and on site assembly. Flat packing also means that consumers could easily transport their own furniture home eliminating the extra cost that is normally factored into the furniture. Although delivery and assembly is provide at a charge, by lowering the cost involved and communicating their business concept to consumers, Ikea has created a blue ocean in the furniture industry.
Fedex
Fedex not only delivered goods internationally, it was a pioneer in allowing people to monitor the delivery of their package through real time tracking. This concept is now often copied among postal companies worldwide.
CNN
CNN was the first to pioneer 24 hour global news in the industry, providing real time news on what was happening globally, it mean that their news was always up to date. Even without star-newscasters that were the pride of ABC, CBS and NBC, the trend of globalization and the fact that CNN provided updated global news 24/7 created a blue ocean for CNN.
Thanks Ken the VDO about the photgraphic memory truly is Amazing, i have never heard of this guy - lukas ritzel
Results of my Entrepreneurial Characteristic Tests
What do i think of the results of this test?
Overall, i would agree that the results of the test are fairly accurate. However i feel that there can be more explanation with regards to the result so we can understand in more detail how this 5 sections affect or influence the entrepreneur.
Below is my personal review of the results i've got from the Palgrave online test.
Section 1
I am a person that is forward looking but also believes that many lessons can be learned from the past. History has always been a topic of interest. I like to learn how things have evolved to the current situation. This may be viewed by others as a tendency to dwell on the past but i believe in giving time for reflection and thinking. Thus, in the context of entrepreneurship, i believe that I'm more of a thinker, observer and manager rather than the dynamic and tireless person that continuously pushes the idea or concept forward!
Section 2
In a group, I am not the person that would suggest, lets go skydiving! Rather, I'm a person that would support the idea if i could see that everyone was interested. Entrepreneurship is not about working alone. It is about the ability to assemble a team of people with various talents and working towards a common goal. Thus, i believe that the individuals should align their goals to the team goal. Working in a team is like playing Soccer. Although strikers are often the most celebrated players in the team, not all 11 players can be strikers. We need goalkeepers, defenders and midfielders so that the striker can concentrate on his job.
Section 3
Creativity is one of the important traits for an entrepreneur. However, letting creativity run wild may not be beneficial in terms of business. Innovation, the application of creativity would be more relevant as it focuses on solving problems and value adding. As the website of 3M says - Innovative Technology for a Changing World. Creativity is only one part of the jigsaw but is one the most important pieces in the entire picture.
Section 4
In my view, risk taking is all about assessing the situation and making decisions. I am a person that takes risk but it is often after considering the various factors and players involved in the situation. Somethings we may have to act on incomplete information but there will never be perfect information in complex situations. Like in the show "Band of Brothers" the officer was in a dilemma about what to do in the heat of war. His fear to make decisions left the platoon heavily wounded. The reflection was that even if he made a wrong decision that may lead to casualties in his platoon, it was better than hesitating and becoming stationary targets.
Section 5
I'm not too certain as to why it is classified under the header "drive and determination". Although i agree that luck plays a part in the success of people. Sometimes its all about being the right person, in the right place, and at the right time. These are the luck components. However, having the right knowledge, right skills and right attitude is something that is within the control of the individual.
Additional Talents that would make a successful entrepreneur of limit an aspiring entrepreneur!
Being charismatic would definitely be an advantage for an entrepreneur. The ability to convince people and get them to believe in his vision and ideas is one of the hardest things to achieve! Photographic memory is also a good skill to have especially if you could remember people, images, concepts and ideas with one glance.
It is hard to think of a talent that would limit an entrepreneur. But i would say the ability to micro manage would work against me as an entrepreneur. An entrepreneur and manager can be the same person but their jobs often have clashing responsibilities. Entrepreneurs are often the creative ones but if they simultaneously have to take care of the minor details of the company, it would inhibit their ability to dream of new ideas and innovation.
Websites for Entrepreneurs!
In my view, entrepreneurs are not only creative people but also people that make things happen. CoolBusinessIdeas is a really interesting website that features innovative business ideas that make us ask ourselves, why didn't I think of that.
Another interesting website that promises your daily fix of entrepreneurial ideas to keep you going! Springwise announces to the world interesting ideas that materialize everyday! Although the ideas may no longer be unique, it is still a good website to get your creative mind thinking.
I personally found Trendwatching to be a really useful website that helped me in my research of a new business idea. By understanding the trends around the world and providing insights into future developments, it gave me the opportunity to innovate something that would appeal to the consumers.
Entrepreneur Picture Search
"One small step for a man, One giant leap for mankind" - Neil A. Armstrong, the first person to ever set foot on the Moon.
I have chosen this picture for its symbolic meaning - venturing into the unknown. One can imagine the apprehension of mankind when President Kennedy announced his decision to land a man on the moon and bring him back safely. However, when Armstrong took his first step on the moon, mankind celebrated his achievement together with him. As an entrepreneur, expect to be greeted with the disbelief of many but look forward to the final goal and persevere.
My Entrepreneurial Picture
Doha Airport - Sunrise or Sunset
This picture was taken when i was in transit at Doha Airport. Sunrise or Sunset, it is all about perspectives.
Like the Chinese characters 危机 meaning crisis, it also symbolizes danger and opportunity.
As an entrepreneur, we spot possibilities when others sense threat. It is all about changing your perspectives and being open minded to the possibilities the world presents.
Eidos - The Future of Memory
For updates on my business ideas, visit my official blog at Eidos Memory
This amazing video about photographic memory featuring Stephen Wiltshire from the UK.
Related Trends
NOWISM | “Consumers’ ingrained* lust for instant gratification is being satisfied by a host of novel, important (offline and online) real-time products, services and experiences. Consumers are also feverishly contributing to the real-time content avalanche that’s building as we speak. As a result, expect your brand and company to have no choice but to finally mirror and join the ‘now’, in all its splendid chaos, realness and excitement.” - trendwatching.com
I have chosen the trend of NOWISM as it is something that really describes what i see as a mega trend of the future. I would say that my business idea is related to this mega trend as the concept of photographic memory highlights the human desire for instant gratification, the need for information and knowledge as and when you desire. In this information flooded era, it also helps you organize information, memories, photos that would be relevant and important to you, the consumer.
Next Practice, Not Best Practice
Next practice is the fundamental transformation of the core business activity. Instead of finding ways to make operations or activities more efficient, next practice looks outside the industry itself for new ideas and solutions. Best practice often uses "Benchmarking" as a method to seek improvement. By aiming for this targets, companies are all competing on the same best practices. This makes its hard to find a differentiating competitive advantage. By the time they have perfected their craft, the business environment may have changed making their developments irrelevant.
The concept of next practice may not be entirely relevant to my product. The product is a combination of different technologies that aim to provide people with photographic memory. However, next practice can be implemented in the other departments like HR, Marketing and Operations. This can provide the company with a competitive advantage.
Naked Pizza Case
Naked Pizza is a "fast food" restaurant that innovates and differentiates from the competition by making their product "Pizza" unlike the rest. Emphasizing the fact that they use healthier ingredients for pizza, they are working towards creating a healthier community. Unlike the normal fast food companies that focus on making their operations more efficient, Naked Pizza competes on a completely different concept by focusing on healthy fast food!
5 Core Competencies for the Company.
1) Innovation Driven
2) Emphasis on Teamwork
3) Technology
4) Communications
5) Marketing
Additional Competencies from the Prasena Dictionary
1) Economic Research
2) Finance Management
3) System Design
4) Analytical Skills
5) Global Mindedness
6) Performance Orientation
Blue Ocean Strategies
Netjets
Netjets looks into the most profitable group of travelers - corporate travelers and pioneer a blue ocean industry in which it could excel. Companies often choose among 2 options when flying their executives, commercial and private.
Companies choose commercial flights as it provides them the flexibility to book tickets only when required. The comfort of business and first class is provided so that the companies could ensure that executives would be energetic enough to attend meetings or discuss important contracts. Commercial flights however come with the hassle of numerous transits when flying long distances or to remote locations.
Purchasing private jets provide companies with complete control over the use of the jet, providing personal and customized services to their executives. Yet, the high fixed cost involved with purchasing the private jets, followed by the high maintenance cost meant that it unless they fully utilized the jet, it would not be cost effective.
Netjets provided companies with what they wanted (cost effective and flexibility) and eliminated the other factors. By sharing the ownership of the aircraft amongst a few companies, Netjets need not worry about filling the economy class but focus on dealing with the specific companies.
Bodyshop
Bodyshop was able to create a blue ocean by eliminating the need for models, celebrity endorsements, and elaborate packaging. This eliminated the high cost involved while Bodyshop simultaneously advocated the idea of simplicity which was opposite to what the industry had thrived on. By looking at what consumers were essentially looking for - beauty products - while eliminating all the extra cost involved meant it had created a blue ocean where there were few competitors.
Starbucks
Starbucks transformed the coffee industry by looking at coffee consumption as a experience to the consumer rather than just a common beverage which was just a morning or afternoon drink to keep awake. By importing quality roasted beans and giving their coffee fancy names they were able to swim in a blue ocean. Barista's were also known to chat with customers while preparing their customized drinks. They also focused on the ambiance, creating a home away from home where people could connect, chat and discuss business over a cup of coffee. Despite charging a premium, customers were willing to pay while competitors that sold processed and instant coffee were left struggling with sales.
Ebay
Ebay used the internet as a platform where people could buy and sell online. It blurred the line between business and consumers by empowering consumers to trade with consumers. Although consumer have always traded with one another, it has never been on such a scale. With the internet, Ebay had the platform to reach out to more consumers than physically possible as even the largest malls had space and capacity constraints. By engaging in businesses, trading, sales and auctions online, they created a blue ocean where time and space no longer mattered. Furthermore, as the reach of the internet grew, it mean that more products and services were being traded online increasing the appeal of its platform.
Nintendo Wii
Nintendo Wii was the first gaming console that moved away from the idea that all gaming control was done through a controller. Instead it integrated motion detectors into its controllers allowing the gaming console to create the gaming experience that involved actions simulating the actual movements in the games. This allowed Nintendo to pioneer a brand new array of games that involved physical action and simulation where even sports like tennis and boxing games were a whole new experience for gamers. This created a blue ocean for the Wii where competitors like Xbox 360 and Sony PS3 could not directly imitate.
Ikea
Ikea created a blue ocean by providing furniture that not only appealed to customers but also because of the way it allowed cost savings for the consumer and company. The furniture it produces and sells are not only designed in house by the various interior designers and interior design academy it funds, it focuses on making furniture flat pack meaning that storage is more efficient. They also work with numerous partners to seeks out the lowest prices for its materials. The assembly of the furniture is also taken into consideration during the design process making it possible for consumers to assemble their own furniture lowering the cost associated with assembly and on site assembly. Flat packing also means that consumers could easily transport their own furniture home eliminating the extra cost that is normally factored into the furniture. Although delivery and assembly is provide at a charge, by lowering the cost involved and communicating their business concept to consumers, Ikea has created a blue ocean in the furniture industry.
Fedex
Fedex not only delivered goods internationally, it was a pioneer in allowing people to monitor the delivery of their package through real time tracking. This concept is now often copied among postal companies worldwide.
CNN
CNN was the first to pioneer 24 hour global news in the industry, providing real time news on what was happening globally, it mean that their news was always up to date. Even without star-newscasters that were the pride of ABC, CBS and NBC, the trend of globalization and the fact that CNN provided updated global news 24/7 created a blue ocean for CNN.